Adwords Editor is a free, downloadable campaign management application released by Google Adwords available for everyone to help advertisers navigate quick and easy on their account, copy and paste keywords and ad text, share proposed changes with others, advertisers can even work offline and upload changes later, and, most importantly, make large-scale changes using a wide variety of search and editing tools.

The first version of the tool was the Adwords Editor Version 2.0 which includes features such as:

• Replacing text. You can make changes on multiple ads within your account like changing the price of an item. Makes it easy to find and replace text from a headline, description line, or URL in one step.
• Find duplicate keywords. You can edit or delete the duplicates for multiple instances of the same keyword on your account.
• Advanced Maximum CPC changes quality helps you adjust bids by a specified percent or dollar amount, raise bids to the minimum CPC for all your inactive keywords, and more. This my favorite feature on Adwords Editor since you can save a lot of time just on editing Max CPC bids.
• Keyword Grouper. This feature takes an existing list of keywords and divides them into smaller Ad Groups based on common themes. You can then create related ad text for the new Ad Groups or have the choice of using existing ad text from within your account.

Other upgrades on Adwords Editor is Adwords Editor Version 3.5 which includes support for image ads, campaign targeting by region and city, and a drag-and-drop feature that makes it easier to move items from one location to another. The latest version is the Adwords Editor Version 5.0. Aside from the other features, the new feature is now available for Windows and Mac. Adwords Editor Version 5.0 includes support for local business ads, an export picker that lets you select specific campaigns and ad groups to save to a CSV file, and the ability to save advanced search settings.